ONTARIO, Calif. (2/20/13)--The membership of CURoots Cooperative has approved transfer of ownership to the California League Services Corp.
CURoots services include shared compliance and specialty internal audit services. CURoots' current compliance and audit services/contracts will continue uninterrupted.
"This will minimize the duplication of efforts within the credit union system and furthers the objectives of credit union collaboration," said Gary Perez, CURoots board chairman and president/CEO of USC CU in Los Angeles.
The membership approved the transfer at a special meeting on Friday.
The sale and transfer of assets will be finalized on Feb. 28, when the California and Nevada Credit Union Leagues will assume operation of CURoots.
All member credit unions of the leagues will be eligible for CURoots' preferred member pricing as of March 1, and the $20,000 membership fee will no longer be required.
"Bringing CURoots services under the leagues will leverage our larger scale and help reduce costs and increase efficiencies," said Diana Dykstra, leagues president/CEO. The service will "provide our member credit unions in California and Nevada with additional compliance and internal audit solutions, which will complement current league compliance services such as InfoSight, CU PolicyPro, and the Research and Information hotline," she added.